AMCIL Reports June 2026 Before-Tax NTA Increase to $1.08 Per Share with Portfolio Valued at $339.3 Million

AMCIL’s Before-Tax NTA Advances to $1.08 Per Share at June 30, 2026

AMCIL Limited’s before-tax NTA reached $1.08 per share as at 30 June 2026, improving by three cents from $1.05 at 31 May 2026. The after-tax NTA also increased slightly from $0.98 to $0.99 during the same period. These figures, which are subject to audit, are published monthly alongside the company’s top 20 investment holdings.

The difference between before-tax and after-tax NTA reflects a provision for deferred tax on unrealised portfolio gains. AMCIL, as a long-term investor with no intention to dispose of its entire portfolio, still must account for this theoretical tax liability under current accounting standards after offsetting any carried-forward losses. Consequently, the after-tax NTA generally remains below the before-tax figure, with the gap varying according to unrealised gains.

Portfolio Composition: $339.3 Million Spread Across Australian Equity Sectors

Valued at $339.3 million at 30 June 2026, AMCIL’s portfolio spans eleven sectors. Healthcare and Other Financials each represent the largest sector allocations at 15.6%. Industrials follow at 14.6%, then Information Technology at 10.4%, and Communication Services at 9.3%.

Materials make up 8.6%, Consumer Discretionary 7.2%, and Real Estate 6.6%. Cash holdings constituted 5.0% at month-end, with Consumer Staples at 3.7% and Energy at 3.4% completing the sector distribution. This diversified sector exposure aligns with AMCIL’s investment approach of building a focused portfolio where both large and small companies contribute significantly to returns, benchmarked against the S&P/ASX 200 Accumulation Index.

Top Holdings: Macquarie Group and BHP Dominate AMCIL’s Portfolio

At 30 June 2026, Macquarie Group was AMCIL’s largest holding at $24.1 million, representing 7.5% of the portfolio. BHP followed closely at $22.7 million, or 7.0%. Together, these two holdings account for approximately 14.5% of the portfolio, highlighting concentration at the top.

Transurban Group held the third-largest position at $17.6 million (5.5%), with Goodman Group at $13.9 million (4.3%) and Mainfreight at $12.7 million (3.9%). CSL and Woolworths Group were valued at $12.6 million (3.9%) and $12.3 million (3.8%) respectively. The inclusion of New Zealand-based Mainfreight and Auckland International Airport in the top 20 indicates AMCIL’s exposure to Trans-Tasman equities, consistent with its focus on ASX-listed securities.

Mid-Tier Holdings Include CAR Group, ResMed, and Sigma Healthcare

Within the top 20, CAR Group ranked eighth at $11.7 million (3.6%), closely followed by Woodside Energy Group at $11.6 million (3.6%) and ResMed at $10.0 million (3.1%). These holdings diversify exposure across automotive digital marketplaces, energy, and medical devices. ResMed’s presence aligns with AMCIL’s 15.6% allocation to healthcare.

Sigma Healthcare was valued at $9.7 million (3.0%), Telstra Group at $9.6 million (3.0%), and Macquarie Technology Group at $9.4 million (2.9%). Notably, the portfolio includes both Macquarie Group, a global investment bank, and Macquarie Technology Group, a domestic data centre and cloud services provider, reflecting distinct investment strategies. Ramsay Health Care, ALS, Wesfarmers, and Block rounded out positions 14 through 17, with values between $8.6 million and $8.2 million.

Final Top 20 Positions: ARB Corporation, Region Group, and Auckland Airport

The last three of AMCIL’s top 20 holdings at 30 June 2026 were ARB Corporation at $7.6 million (2.4%), Region Group at $7.6 million (2.3%), and Auckland International Airport at $7.5 million (2.3%). ARB Corporation provides exposure to consumer discretionary and industrial sectors through its four-wheel-drive accessories manufacturing and distribution. Region Group, a real estate investment trust specialising in neighbourhood and sub-regional shopping centres, contributes to the portfolio’s 6.6% real estate weighting.

The top 20 holdings collectively represented $233.9 million, or 72.6% of the portfolio excluding cash. This concentration aligns with AMCIL’s philosophy of maintaining a focused investment portfolio, meaning that significant changes in the top holdings can materially affect the company’s NTA monthly.

Long-Term Performance: AMCIL’s Returns Compared to S&P/ASX 200 Accumulation Index

The update includes a performance comparison ending 30 June 2026, showing AMCIL’s net asset per share growth plus dividends (including franking credits) against the S&P/ASX 200 Accumulation Index. Over one year, AMCIL’s portfolio returned negative 10.0%, while the index gained 4.9%.

Longer-term results show improvement relative to the benchmark: the three-year annualised return was 2.3% versus 7.6% for the index; over five years, AMCIL returned 7.2% annually compared to the index’s 11.9%; and over ten years, AMCIL delivered 9.2% against the index’s 10.9%. AMCIL’s returns are calculated net of management fees, income tax, and capital gains tax on realised sales, whereas the index returns exclude management expenses and taxes. The calculations assume full utilisation of franking credits. Past performance does not guarantee future results.

Management Fees and Investment Approach Distinguish AMCIL Among LICs

AMCIL highlights its low management fee of 0.56% per annum, with no additional performance fees or charges. This cost structure is a key consideration for investors comparing listed investment companies across Australia relative to returns generated.

The company follows an active, fundamental, bottom-up investment style, selecting securities based on company-specific analysis rather than macroeconomic trends or passive index tracking. The recommended investment horizon is five to ten years or longer, reflecting AMCIL’s long-term orientation and preference for holding investments rather than selling, which relates directly to the deferred tax provisions in the after-tax NTA calculation. AMCIL publishes estimated NTA weekly, with detailed monthly disclosures including the top 20 holdings.

Ongoing Transparency Through Weekly and Monthly NTA Updates

AMCIL’s practice of releasing estimated NTA data weekly, supplemented by monthly disclosures of top 20 holdings and sector breakdowns, offers investors transparency expected from well-managed listed investment companies. The premium or discount of the share price to NTA is a critical metric for investors considering buying or selling shares, as it indicates market valuation relative to reported asset value.

This announcement was authorised by Matthew Rowe, AMCIL’s Company Secretary. Shareholders seeking additional information or share registry services may contact MUFG Corporate Markets (AU) Limited, AMCIL’s share registrar. The company is headquartered at Level 21, 101 Collins Street, Melbourne, reachable at [email protected] or by phone at (03) 9650 9911. Investors will be attentive to the July 2026 monthly NTA release for updates on asset backing following end-of-financial-year portfolio activity.

Implications of June 2026 NTA Update for AMCIL Shareholders Entering the New Financial Year

The month-on-month rise in both before-tax and after-tax NTA as the new financial year begins may interest investors evaluating AMCIL’s portfolio momentum. The increase from $1.05 to $1.08 before tax and from $0.98 to $0.99 after tax indicates positive valuation changes during June 2026, although the announcement does not specify which holdings contributed. These figures remain subject to audit.

Looking forward, key upcoming events for AMH shareholders include the July 2026 monthly NTA release, which will reflect the initial month of the new financial year, any dividend declarations, and the annual results or shareholder communications following the financial year-end. With nearly three-quarters of the portfolio concentrated in the top 20 holdings and significant sector weightings in healthcare, financials, and industrials, movements in these areas on the ASX will be closely monitored for their impact on NTA in coming months. The immediate effect of this NTA update on AMCIL’s share price was not evident from publicly available information.